Whilst GSL is fully independent from CMA CGM, we maintain a strong working and strategic relationship with them.

whilst gsl is fully independent from cma cgm we maintain a strong working and strategic relationship with them


We've started to look at the next group, which we call 7K inside of our company. But the really heavy lifting is mostly behind us. So I don't think you should

we've started to look at the next group which we call 7k inside of our company but the really heavy lifting is mostly behind us so i don't think you should


And that's also -- or of course, as a result of what I said, that we really want to make sure that we are driving shareholders' value.

and that's also lined or of course as a result of what i said that we really want to make sure that we are driving shareholders' value


The Southern Cone economy remains challenging, as economic measures lowered consumer disposable income and affected our volumes.

the southern cone economy remains challenging as economic measures lowered consumer disposable income and affected our volumes


by normalizing or near normalizing the oxalate, if we allow them to cease doing the disease management, it will have a

by normalizing or near normalizing the oxalate if we allow them to cease doing the disease management it will have a


to meet the needs of today's consumers in an ever-changing marketplace. We believe this customer-centric approach is the foundation of our success.

to meet the needs of today's consumers in an ever-changing marketplace we believe this customer-centric approach is the foundation of our success


In our Hotel Group, RevPAR results are somewhat mixed. We continued to see weakness in oil producing territories, but this was offset somewhat

in our hotel group revpar results are somewhat mixed we continue to see weakness in oil-producing territories but this was offset somewhat


Okay. And in terms of a time line, so you'll be looking and working with their engineers

okay and in terms of a time line so you'll be looking and working with their engineers


to give you a detailed road map of how we're going to accomplish that, I don't think is in the best interest of the company and the competitive environment that we're in.

to give you a detailed road map of how we're going to accomplish that i don't think is in the best interest of the company and the competitive environment that we're in


it's not as low as what we had anticipated. In the meantime, I'll try to dig out a more intelligent answer to your question, I apologize for not being more precise.

it's not as low as what we had anticipated in the meantime i'll try to dig out a more intelligent answer to your question i apologize for not being more precise


Our One Vonage platform strategy enables customers to deploy our communication software in many different forms,

our onebondage platform strategy enables customers to deploy our communication software in many different forms


that affected those contracts that are adjusted by the peso to the dollar exchange rate and an increase in the number of clients that use these services.


to complete. And Mike, I think you said that depending on how quickly that gets done, it will impact the pace

to complete and mike i think you said that depending on how quickly that gets done it will impact the pace


of that business. And the connections with logistics for us is how we are able to take and distribute the product

of that business and the connections with logistics for us is how we are able to take and distribute the product


Our adjacent markets seem increasingly likely to challenge us, though I'd point out this market segment is the smallest of our core business sectors.

our adjacent markets seem increasingly likely to challenge us though i'd point out this market segment is the smallest of our core business sectors


Again, I'm very encouraged by the initial leading indicators that I'm seeing as we deploy the E3 lean transformation across the business.

again i'm very encouraged by the initial leading indicators that i'm seeing as we deploy the e3 lean transformation across the business


across the time frame and the associated leverage loss, if you will, that we get from those higher sales.

across the time frame and the associated leverage loss if you will that we get from those higher sales


with our other coatings business, but then we're going to move up the value chain with those pigments to create additional differentiation both on

with our other coatings business but then we're going to move up the value chain with those pigments to create additional differentiation both on


and the trade you seem to be making of giving up subscription revenue to drive subscribers in an effort to build the targeted advertising opportunity?

and the trade you seem to be making of giving up subscription revenue to drive subscribers in an effort to build the targeted advertising opportunity thanks


In addition, a shortage of freight availability late in the second quarter had a negative impact on revenue, pushing some shipments into the third quarter

in addition a shortage of freight availability late in the second quarter had a negative impact on revenue pushing some shipments into the third quarter


We didn't say that, but I figured someone might ask, but yes I think they did well for us in the quarter. So we're not breaking out all those numbers, but I would say I think

we didn't say that but i figured someone might ask but i think they did well for us in the quarter right so we're not breaking out all those numbers but i would say i think


of our customers is one of the fundamental reasons for our consistent performance. This is a key point of differentiation for us in the marketplace.

of our customers is one of the fundamental reasons for our consistent performance this is a key point of differentiation for us in the marketplace


areas of Central Mississippi, some areas in Arkansas, a few geographies in Alabama and most recently in Northern Louisiana. And so

areas of central mississippi some areas in arkansas a few geographies in alabama and most recently in northern louisiana and so


The cost of equity has remained relatively stable even after the sovereign downgrade, indicating that this was largely priced into long bond rates.

the cost of equity has remained relatively stable even after the sovereign downgrade indicating that this was largely priced in to long bond rates


We continue to execute on our plan to reformat all our branches and deliver a range of integrated banking channels for our clients.

we continue to execute on our plan to reformat all our branches and deliver a range of integrated banking channels for our clients


As such we have shutdown most of it, while retaining the portion most suited to appropriate risk and capital usage as well as consistent results.

as such we have shut down most of it while retaining the portion most suited to appropriate risk and capital usage as well as consistent results


most likely, beginning in the new fiscal year, they'll be done. So we'll be continuing this transition process

most likely beginning in the new fiscal year they'll be done so we'll be continuing this transition process


certainly heading towards the upper end of that range. So really pleased with the delivery across all of the portfolio in terms of our production.

certainly heading towards the upper end of that range so really pleased with the delivery across all of the portfolio in terms of our production


That gave us confidence to launch the Titanium card, which was launched by Olivia last week. And it's another innovation from Qantas.

that gave us confidence to launch the titanium card which was launched by olivia last week and it's another innovation from qantas


We think that'll really start to come down towards end of the year as the economy picks up. And in 2019, you should start to see a convergence back

we think that will really start to come down towards end of the year as the economy picks up and in 2019 you should start to see a convergence back


This increase was primarily driven by the negative impact of foreign exchange rates. The 80 basis point rate decrease was primarily driven by sales leverage.

this increase was primarily driven by the negative impact of foreign exchange rates the 80 basis point rate decrease was primarily driven by sales leverage


late last year and early this year. And it certainly appears that, that pipeline capacity is filling up more rapidly than anticipated.

late last year and early this year and it certainly appears that that pipeline capacity is filling up more rapidly than anticipated


So being really methodical here, and so far we've been extremely pleased with both the technology and how consumers are responding to it, how merchants are responding to it,

so being really methodical here and so far we've been extremely pleased with both the technology and how consumers are responding to it how merchants are responding to it


to streamline and simplify our operations, to reduce empty calories and to build an amazing customer experience quickly and with solid results.

to streamline and simplify our operations to reduce empty calories and to build an amazing customer experience quickly and with solid results


What I think, as we said the last time we met that we are investing now in Mobile to take up capacity with another 100,000 tonnes. And I think

but i think as we said the last time we met we are investing now in mobile to take up capacity with another 100 000 tons and i think


That said, we're not where we want to be and must be vigilant to continue to execute on the strategic initiatives we laid out earlier this year.

that said we're not where we want to be and must be vigilant to continue to execute on the strategic initiatives we laid out earlier this year


a much better profitability profile than you had in the past? Yes, you're right, Kelly. We expect revenue for the year for Logistics to be up

a much better profitability profile than you had in the past yes you're right kelly we expect revenue for the year for logistics to be up


into Reservoir Description. Just hasn't happened yet. We thought we would see some of that in Q3. Now we expect some of that in Q4 but

into reservoir description just hasn't happened yet we thought we would see some of that in q3 now we expect some of that in q4


tended to be much more optimistic in the face of declining conditions than most other parts of the world.

tended to be much more optimistic in the phase of declining conditions than most other parts of the world


These studies are in preparation for our eventually translating this technology and these agents to clinical studies.

these studies are in preparation for our eventually translating this technology and these agents to clinical studies


and it has a unique GalNAc ligands and linker, which we have specifically designed to be proprietary to us.

and it has a unique galmax ligand and linker which we have specifically designed to be proprietary to us


Yes. And Bob, so I talked about this in my script. Certainly, there are new drug launches coming out -- expected to come out.

yes and bob so i talked about this in my script certainly there are new drug launches coming out expected to come out


We are also working hard to improve other areas of our business. We are on the verge, for example, of launching new investor and public relation campaigns

we are also working hard to improve other areas of our business we are on the verge for example of launching new investor and public relations campaigns


the American Society of Neurorehabilitation, the American Academy of Neurology and the American Congress of Rehabilitation Medicine,

the american society of neurorehabilitation the american academy of neurology and the american congress of rehabilitation medicine


and post-surgery patients. So they are uniquely positioned to gain market share in all of their markets as these models are implemented.

and post-surgery patients so they are uniquely positioned to gain market share in all of their markets as these models are implemented


As Chris mentioned, we believe this type of capital deployment will continue to drive our earnings per share with an eye towards higher sustainable dividends for our shareholders.

as chris mentioned we believe this type of capital deployment will continue to drive our earnings per share with an eye towards higher sustainable dividends for our shareholders


Before we move to questions and answers, I just would like to take 2 minutes to clarify a bit, because I read this morning that

before we move to questions and answers i just would like to take 2 minutes to clarify a bit because i read this morning that


We are capitalizing on current consumer and retail trends, increasing our focus on faster-growth areas.

we are capitalizing on current consumer and retail trends increasing our focus on faster growth areas


things have improved slightly, but they are still in the same -- broadly in the same situation that they have been over the last 6 months.

things have improved slightly but they are still in the same -- broadly in the same situation that they have been over the last 6 months


So we are already thinking about further development of our capabilities, organization and portfolio that will keep us fit for the future.

so we are already thinking about further development of our capabilities organization and portfolio that will keep us fit for the future


Retail revenues were negatively impacted by the new trailer sales on lower supply and partially offset by increases in parts and service revenue.

retail revenues were negatively impacted by the new trailer sales on lower supply and partially offset by increases in parts and service revenue


the DPG Group is expecting some softness in certain product segments that I will address shortly. And we now expect the first half of the year

the dpg group is experiencing some softness in certain product segments that i will address shortly and we now expect the first half of the year


that the Eagle Ford is also where we have our infrastructure already fully developed and can add rigs and add production there without

that the eagle ford is also where we have our infrastructure already fully developed and can add rigs and add production there without


in terms of being able to pick up on telephone and make a call and get your equipment serviced no matter where it is in the country.

in terms of being able to pick up one telephone and make a call and get your equipment service no matter where it is in the country


November is probably the highest single margin month for Pinnacle because they're a hot -- their margins are higher in the second half of the year than the first half. So

november is probably the highest single margin month for pinnacle because their margins are higher in the second half of their year than the first half so


in dialogues with our customers already I feel like I can relate to what the C-suite is looking for from our platform and others.

in dialogues with our customers already i feel like i can relate to what the c-suite is looking for from our platform and others


So we don't have anything specific, but obviously we have a key amount of capital that we spend every year, which we consider our maintenance capital,

so we don't have anything specific but obviously we have a key amount of capital that we spend every year which we consider our maintenance capital


We're pleased with our first half margin performance and are slightly ahead of our plan as our cost execution has exceeded expectations.

we're pleased with our first half margin performance and are slightly ahead of our plan as our cost execution has exceeded expectations


but our regulators as well as communities, believe it or not, who view this as an opportunity for economic development. We created over 3,000 jobs

but our regulators as well as communities believe it or not who view this as an opportunity for economic development we created over 3 000 jobs


leaving or is replaced, or whatever that is. And at the same time, Media was sort of on the divestment list, more or less. And now you keep

leaving or is replaced or whatever that is and at the same time media was sort of on the divestment list more or less and now you keep


At this point, it's time to open the line for questions and answers. As a reminder, the purpose of today's call is to discuss the earnings results. We ask that you please keep your questions

at this point it's time to open the line for questions and answers as a reminder the purpose of today's call is to discuss the earnings results we ask that you please keep your questions


It's all either being released in Q1 or putting in public data, so we could go-to-market at the end of this quarter with a true platform,

it's all either being released in q1 or playing in public beta so we could go to market at the end of this quarter with a true platform


Our real issue has been timing of projects. And it's both highway projects and energy projects that we thought

our real issue has been timing of projects and it's both highway projects and energy projects that we thought


as well as the payers, again with prior consent, so that everybody is aware of exactly how much drug is in the patient's reservoir

as well as the payers again with prior consent so that everybody is aware of exactly how much drug is in the patient's reservoir


As Big Pharma seeks to drive greater efficiency, these clients are reducing their internal infrastructures and externalizing research

as big pharma seeks to drive greater efficiency these clients are reducing their internal infrastructures and externalizing research


could we see any sort of just moderation in 4Q pricing relative to 3Q just given conditions normalizing for some of the fire conditions out there?

could we see any sort of just moderation in 4q pricing relative to 3q just given conditions normalizing for some of the fire conditions out there


Halfway through the fiscal year, the biggest difference in financial results compared to our expectations comes from revenue growth.

halfway through the fiscal year the biggest difference in financial results compared to our expectations comes from revenue growth


I'm very pleased with our results so far this year, which has resulted from all the hard work done over the past several years to strengthen and diversify our business.

i am very pleased with our results so far this year which has resulted from all the hard work done over the past several years to strengthen and diversify our business


and you could sit there and knock out the types of acquisitions you wanted to. Do you expect to be able to still do that as you shift the markets a little bit?

and you could sit there and knock out the types of acquisitions you wanted to do you expect to be able to still do that as you shift the markets a little bit


Yes. Look, we certainly expect to grow the business profitably. And when we say grow the business profitably, that means to continually expand our EBITDA margins.

yes look we certainly expect to grow the business profitably and when we say grow the business profitably that means to continually expand our ebitda margins


and we again are just -- we've got basically 2 people at the company negotiating most of these big deals and have a lot of other things to do at year-end and beginning of the year

and we again are just -- we've got basically 2 people in the company negotiating most of these big deals and have a lot of other things to do at the year-end and beginning of the year


won a lot of new programs last year, took a lot of market share, particularly with respect to release liner for labels.

won a lot of new programs last year took a lot of market share particularly with respect to release liner for labels


suppliers for technology and situations that allow us and enable us to perform these investments. We are now in a tender

suppliers for technology and situations that allows and enable us to perform these investments we are now on a tender


have you decided about your commercial strategy when you have autonomy over these volumes, because we see some players

have you decided about your commercial strategy when you have autonomy over these volumes because we see some players


and up to where this migration will happen and what will be the upside of that for the paper market.

and up to where or just migration will happen and what will be the upside of that for the paper market


In particular, bulk ethylene prices have been disappointing as we have seen U.S. prices remain significantly discounted versus the rest of the world.

in particular bulk ethylene prices have been disappointing as we've seen u s prices remain significantly discounted versus the rest of the world


The new platform will not only improve the functionality of our site but will allow us to improve how we engage with our customers digitally and across our retail channels.

the new platform will not only improve the functionality of our site but will allow us to improve how we engage with our customers digitally and across our retail channels


Mark's has a lot of potential, and I think 2018 will be an important year for Mark's to begin to establish a relationship with a new generation of Canadians.

marks has a lot of potential and i think 2018 will be an important year for marks to begin to establish a relationship with a new generation of canadians


In the first half of 2018, we also experienced several major project wins principally in Asia, which we delivered upon in the third and fourth quarters.

in the first half of 2018 we also experienced several major project wins principally in asia which we delivered upon in the third and fourth quarters


laws and rules that encourage or force people to have benefits coverage. And so we are seeing -- again, this is not a dramatic drop in benefits participation,

laws and rules that encourage or force people to have benefits coverage and so we are seeing -- again this is not a dramatic drop in benefits participation


we have expanded a few additional locations based on the success of those centers. So all in good light relative to Service Alignment and

and we have expanded a few additional locations based on the success of those centers so all in good light relative to service alignment and


Many of these new products we've added are recognized for making the Pro's job easier and lowering the risk for product installation issues.

many of these new products we've added are recognized for making the pros' job easier and lowering the risk for product installation issues


The other main crop is rubber, also not doing very well because the price is still not up to a couple of years back.

the other main crop is rubber also not doing very well because the price is still not up to a couple of years back


and I think you've seen us do that over the last several years, and there is -- although the majority of the margin improvement this quarter is due to

and i think you've seen us do that over the last several years and there is -- although the majority of the margin improvement this quarter is due to


on a comparative basis as a percentage of revenue, I do think that, that is one point that you should take into consideration between the 2 companies. There is a difference,

on a comparative basis as a percentage of revenue i do think that is one point that you should take into consideration between the 2 companies there is a difference


Supply Chain's earnings this quarter were also negatively impacted by higher planned IT and sales expense as we had expected coming into the quarter.

supply chains earnings this quarter were also negatively impacted by higher planned it and sales expense as we had expected coming into the quarter


the versatility, the adaptability to call outside the boundaries of just procurement and call through the organization and sell our value prop

the versatility the adaptability to call outside the boundaries of just procurement and call through the organization and sell our value prop


supply and working with them and collaborating with them. So I think much more about changing the conversation. This is not an adversarial conversation.

supply and working with them and collaborating with them so i think much more about changing the conversation this is not an adversarial conversation


and that we can move them closer to our Platinum Vision. So it's not an integration challenge, it's an opportunity. And it's one of the reasons why we're doing these deals.

and that we can move them closer to our platinum vision so it's not an integration challenge it's an opportunity and it's one of the reasons why we're doing these deals


We remain encouraged that our major customers are committed to multiyear capital spending initiatives, and we are confident in our strategies, the prospects for our company,

we remain encouraged that our major customers are committed to multiyear capital spending initiatives and we are confident in our strategies the prospects for our company


We expect to continue to be a consolidator in our highly fragmented industry by making strategic acquisitions of well-managed metal service centers

we expect to continue to be a consolidator in our highly fragmented industry by making strategic acquisitions of well-managed metal service centers


proactively to adjust some of the terms in the contracts to make them more commercial in a world where rebates no longer existed.


Nearly all of our business units established new annual service revenue records and we saw a very healthy rebound in our China operations.

nearly all of our business units established new annual service revenue records and we saw a very healthy rebound in our china operations


I thought I'd start today by providing you with an update on the progress we have made with respect to some of the strategic priorities I laid out for you last quarter.

i thought i'd start today by providing you with an update on the progress we have made with respect to some of the strategic priorities i laid out for you last quarter


The increase in the total cost of coal sold was driven by higher production volumes as well as modest increases in unit cost.

the increase in the total cost of coal sold was driven by higher production volumes as well as modest increases in unit cost


We significantly exceeded our improved financial guidance for 2017 and ended the year in the strongest financial position in the company's history.

we significantly exceeded our improved financial guidance for 2017 and ended the year in the strongest financial position in the company's history


We continue to see improvement across our 3 primary digital metrics since we launched our strategy over 2 years ago.

we continue to see improvement across our 3 primary digital metrics since we launched our strategy over 2 years ago


A replay of the call will be available till December 6. We take no responsibility for inaccuracies that may appear in transcripts of this call by third parties.

a replay of the call will be available until december 6 we take no responsibility for inaccuracies that may appear in transcripts of this call by third parties


In light of recent underperformance in the overall quantitive space and resultant headwinds, we are currently conducting a complete business review.

in light of recent underperformance in the overall quantitative space and resulting headwinds we are currently conducting a complete business review


In an increasingly competitive environment, it's really important that we provide care, home care to our customers. And the home care sector is

in an increasingly competitive environment it's really important that we provide care home care to our customers and the home care sector is a


We anticipate that this may create a less pronounced seasonal step-up between the third and fourth quarter. But when evaluated as first half, second half,

we anticipate that this may create a less pronounced seasonal step-up between the third and fourth quarter but when evaluated as first half second half


an expectation -- or a prior year of 15.2%. So again, we're more or less in line with where we thought we would be

an expectation or a prior year of 15 2% so again we're more or less in line with where we thought we would be


internal supply, we want it to be as efficient as it can be, making the right -- the best quality material that can be used within our business.

internal supply we want it to be as efficient as it can making the right -- the best quality material it can for use within our business


the whole supply chain system has to be worked on. So we have had a marginal dip, but if I had more vehicles, I possibly would have been able to sell.

the whole supply chain system has to be worked on so we have had a marginal dip but if i had more vehicles i possibly would have been able to sell


and in the Paper and Industrial Converted Products segment, where the mix had a notable impact on the profit from the sale of corrugating medium.

and in the paper and industrial converted products segment where the mix had a notable impact on the profit from the sale of corrugating medium


is available on our website, along with an updated corporate presentation with summary information on the company and our financial and operating results.

is available on our website along with an updated corporate presentation with summary information on the company and our financial and operating results


The transformation of the business is on track, reflected by a strong improvement in MPS and improving revenue trend.

the transformation of the business is on track reflected by a strong improvement in mps and improving revenue trend


There are 3 things I want you to take away from this call. First, I'm particularly proud of the more than 8,000 Clorox people around the world

there are 3 things i want you to take away from this call first i'm particularly proud of the more than 8 000 clorox people around the world


How many of them actually get impacted by this regulation? That's one. And what is this concept of new trucks which is required

how many of them actually get impacted by this regulation that's one and what is this concept of new truck which is required


but it's also a significant challenge for our team that they have to stay very focused on because when you're going through a transformation and adding this much resource to try to do it at pace,


we plan to be completed by March 2017. The big value of that is a lot of our decisions are made without a lot of data and not up-to-date data.

we plan to be completed by march 2017 the big value of that is a lot of our decisions are made without a lot of data and not up-to-date data


That has obviously impacted the share price and while we're not happy with that, the market conditions also presented an opportunity to reset.

that has obviously impacted the share price and while we're not happy with that the market conditions also presented an opportunity to reset


that are in front of us. Q1 was a quiet but steady quarter in terms of completed acquisitions and dispositions, but with much work completed on pending transactions.

that are in front of us q1 was a quiet but steady quarter in terms of completed acquisitions and dispositions but with much work completed on pending transactions


Finally, energy sales were up due to the contribution from assets placed in service last year as well as some sales of renewable energy attributes.

finally energy sales were up due to the contribution from assets placed in service last year as well as some sales of renewable energy attributes


In general, the demand drivers in federal are still there, as well as continued congressional support.

in general the demand drivers in federal are still there as well as continued congressional support


Sure. We did mention last quarter the expectation of a, I think we call it

sure we did mention last quarter the expectation of a -- i think we called it


On February 7, we shared that new vision with our global employee community at an event broadcast from Alice Tully Hall in New York City.

on february 7 we shared that new vision with our global employee community at an event broadcast from alice tully hall in new york city


grow? And I assume -- or should I assume that, that's a function of some of these new products that we've seen getting out into the field and starting to contribute?

grow and i assume or should i assume that that's a function of some of these new products that we've seen getting out into the field and starting to contribute


not out of the ordinary sort of spend this year. But some normal growth because that's what we've seen, over the past few years, is some normal growth.

not out of the ordinary sort of spend this year but some normal growth because that's what we've seen over the past few years is some normal growth


And one of the reasons we don't talk about it as much is because it's not published in a way that allows you to see it quickly. You see

and one of the reasons we don't talk about it as much is because it's not published in a way that allows you to see it quickly you see


contributing sort of their fair share, we were less interested in having them stay in the system. And all those things sort of go into this

contributing sort of their fair share we were less interested in having them stay in the system and all those things sort of go into this


and ask about specific partnerships and how we can really invest in innovation for their future application. And so that increase

and ask about specific partnerships and how we can really invest in innovation for their future application and so that increase


that our MOS EBITDA margins are also now approaching our overall company average.

that our mos ebitda margins are also now approaching our overall company average


in order to drive our growth transformation. Additionally, we expect to continue paying a quarterly dividend and periodically repurchase common stock.

in order to drive our growth transformation additionally we expect to continue paying a quarterly dividend and periodically repurchase common stock


To be clear, the revised language still includes scheduled repayments of debt, but now excludes prepayments of debt.

to be clear the revised language still includes scheduled repayments of debt but now excludes prepayments of debt


We think this is a very scalable platform and it's established to test products within our own clinics in Germany.

we think this is a very scalable platform and it's established to test products within our own clinics in germany


I strongly believe Vance has the capability to lead the company into its next phase, and I will support him through the management transition.

i strongly believe vance has the capabilities to lead the company into its next phase and i will support him through the management transition


to account for both the impact of second quarter utilization and also the impact, which we assumed that, that new mix

to account for both the impact of second quarter utilization and also the impact which we assume that that new mix


to augment our existing technical capabilities, which will allow us to monetize our existing generic pipeline in a more timely manner.

to augment our existing technical capabilities which will allow us to monetize our existing generic pipeline in a more timely manner


The decrease in gross profit percent was primarily due to a lower percentage of sales associated with optical component solutions, which typically have higher margins.

the decrease in gross profit percent was primarily due to a lower percentage of sales associated with optical component solutions which typically have higher margins


approach, that will be obviously favorable to the company like ours, given the number of people that earn

approach that would be obviously favorable to a company like ours given the number of people that earn


So the strategy doesn't change as a result that the non-verticals are also growing nicely. That doesn't put any difference

so the strategy doesn't change as a result that the nonverticals are also growing nicely that doesn't put any difference or


all the assets that go through our core areas, we'll look at. We look at every one of them. We evaluate them. We bid on a few and we get even less.

all the assets that go through our core areas we'll look at -- we look at every one of them and we evaluate them we bid on a few and we get even less


so one of those key areas is going to be sort of the small business or light commercial, where the company's legacy products weren't really compatible with the needs of that marketplace.

so one of those key areas is going to be sort of the small business or light commercial where a company's legacy products weren't really compatible with the needs of that marketplace


Additionally, for those looking for an update on the Chevron portfolio, terms for selling and transitioning the portfolio have been agreed to.

additionally for those looking for an update on the chevron portfolio terms for selling and transitioning the portfolio have been agreed to


the targets currently expecting versus what you are willing to pay currently? Will, it's an interesting time because as

are the targets currently expecting versus what you are willing to pay currently well it's an interesting time because as


up to this point. When we look at -- maybe I'll put a little color on the value, I think that's probably important. When we look at these 20 new products,

up to this point when we look at -- maybe i'll put a little color on the value i think that's probably important when we look at these 20 new products


and we tend to focus on something that is geographically additive to our existing footprint when possible.


Now as usual, these initiatives come from all parts of the business, for example, rent savings at lease renewal is a pretty big part of that,

now as usual these initiatives come from all parts of the business for example rent savings at lease renewal is a pretty big part of that


Our product revenues declined versus a very strong prior year quarter on the back of reduced activity of our clients and continued low interest rates.

our product revenue was declined versus a very strong prior year quarter on the back of reduced activity of our clients and continued low interest rates


the new logos and we call that a pack. And we segregated the renewal processes with existing customers and we call those pods.

the new logos and we call that a pack and we segregated the renewal processes with existing customers we call those pods


We caution that these forward-looking statements are not a guarantee of future events and that actual events may differ materially from those in these statements.

we caution that these forward-looking statements are not a guarantee of future events and that actual events may differ materially from those in these statements


In addition, some of the company's remarks this morning contain non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures

in addition some of the company's remarks this morning contain non-gaap financial measures you can find reconciliations of those measures to the most comparable gaap measures


When we talk about future results or events, a number of factors could generate results that are materially different from our projections today.

when we talk about future results or events a number of factors could generate results that are materially different from our projections today


associated with an improved mix of higher-margin revenue as well as investments in support of our strategic priorities.

associated with an improved mix of higher margin revenue as well as investments in support of our strategic priorities


the hard data that I get from the business and the voice of customer experiences that I have regularly,

the hard data that i get from the business and the voice of customer experiences that i have regularly


we maintain our monthly lease, the price per square meter, but we see some reduction on occupancy. This is mainly explained by

we maintain our monthly lease the price per square meter but we see some reduction on occupancy this is mainly explained by


from the end of January of 2016 to the end of May, May 20, of 2016. We're still working through the full effect of that.

from the end of january of 2016 to the end of may may 20 of 2016 we're still working through the full effect of that


So today, if you look at our network in the highly concentrated user areas

so today if you look at our network in the highly concentrated user areas


Next, let's look at the factors behind the changes in sales and the operating income in each business segment.

next let's look at the factors behind the changes in sales and operating income in each business segment


But the translation to us means that more and more organizations are jumping into the fray and understanding the strategic importance of Privileged Account Security.

but the translation to us means that more and more organizations are jumping into the fray and understanding the strategic importance of privileged account security


We've got some new team members in, almost across the board in spine, but also in other categories of our business that I think are setting a really strong strategy.

we've got some new team members in almost across the board in spine but also in other categories of our business that i think are setting a really strong strategy


The company is in the process of filing the Form A with the Hawaii Department of Insurance in connection with our previously announced acquisition of Zephyr Insurance.

the company is in the process of filing the form a with the hawaii department of insurance in connection with our previously announced acquisition of zepa insurance


So we feel that collaboratively addressing the issues now will help to prevent inappropriate cost shifting to other customers in the future.

so we feel that collaboratively addressing the issues now will help to prevent inappropriate cost shifting to other customers in the future


that's producing this. And so we feel pretty good about our capabilities in the market coming together and continued growth in that end market.

that's producing this and so we feel pretty good about our capabilities and the market coming together and continued growth in that end market


Now I'd like to turn the call over to Jim Lobdell, who will discuss our financial results for the third quarter and provide more detail around our energy deliveries and earnings guidance.

now i'd like to turn the call over to jim lobdell who will discuss our financial results for the third quarter and provide more detail around our energy deliveries and earnings guidance


This gives us so much flexibility. It served us so well during the last downturn that we didn't have to issue equity or we didn't cut the dividend.

this gives us so much flexibility it served us so well during the last downturn we didn't have to issue equity or we didn't cut the dividend


It's the one reason to get excited about a down cycle. We slow down and take a critical look at how we can improve every aspect of our business.

it's the one reason to get excited about a down cycle we slow down and take a critical look at how we can improve every aspect of our business


you guys kind of changing the sequencing to capture the higher metal prices that we've seen versus just kind of outperforming your original plan?


Then we want to also grow, and that is capital consuming. And I mean we have been able to grow

then we want to also grow and that is capital consuming and i mean we have been able to grow


automated platform also in terms of delivery of those cloud services that goes more and more into hybrid cloud. And on the application space, this is the data science

automated platform also in terms of delivery of those cloud services that goes more and more into hybrid cloud and on the application space this is the data science


provide the replay number. Like to thank everybody for participating in our call. We're always here with any follow-up questions you may have.

provide the replay number i'd like to thank everybody for participating in our call we're always here with any follow-up questions you may have


The process of narrowing down candidates continues, and I am confident that the new leader of Myers Industries will be on the job by the time I retire at the end of the year.

the process of narrowing down candidates continues and i am confident that the new leader of myers industries will be on the job by the time i retire at the end of the year


Welcome, everyone, and thank you for joining us this morning. John will begin today's call with a discussion of our strategy, technology and market.

welcome everyone and thank you for joining us this morning john will begin today's call with a discussion of our strategy technology and markets


The economic -- the electronic content continues to grow aggressively on the back of the increased sales of battery electric vehicles.

the economic -- the electronic content continues to grow aggressively on the back of the increased sales of battery electric vehicles


Good morning. My name is Miranda and I will be your conference operator.

good morning my name is miranda and i will be your conference operator


The new rules reinforce the ongoing efforts to modernize and streamline the enrollment process and the continued value of independent choice counseling,

the new rules reinforce the ongoing efforts to modernize and streamline the enrollment process and the continued value of independent choice counseling


So I mean, by when do you think this pressurized price environment -- pricing environment will eventually come to an end? Because I wanted to pose a question, I mean,

yes so i mean by when do you think this pressurized price environment pricing environment will eventually come to an end because i wanted to pose a question i mean


government will be reelected this year. And this has an impact on the appetite of our customers for new investments. In Turkey, we have a

government will be re-elected this year and this has an impact on the appetite of our customers for new investments in turkey we have


In the past, you were expecting about 30 million spindles that should have been more or less the normal average

in the past you were expecting about 12 million spindles that should have been more or less the normal average


in China market, we experienced a deeper drop in the first half of the year. The second half of the year is still uncertain,

in china market we experienced a deeper drop in the first half of the year the second half of the year is still uncertain


Overall, our support from Chinese media companies and regulators stems from our business model of supporting bilateral content flow

overall our support from chinese media companies and regulators stems from our business model of supporting bilateral content flow


France outperformed its peer group on the top line and continued to benefit from its senior sales team, efficient operations,

france outperformed its peer group on the top line and continued to benefit from its senior sales team efficient operations


the performance of the businesses we bought that continued to perform according to plan and also our integration plans and the pushing out

performance of the businesses we bought that continue to perform according to plan and also our integration plans and the pushing out of synergies


We currently expect to be in the targeted payout range by the end of 2016. So our current expectation is that we will grow the dividend

we currently expect to be in the targeted payout range by the end of 2016 so our current expectation is that we will grow the dividend


The consensus seems to be that incremental cash will be retained and planned investments will be accelerated to take advantage of lower tax rates.

the consensus seems to be that incremental cash will be retained and planned investments will be accelerated to take advantage of lower tax rates


From our foundation of operating excellence, we continue to optimize our cost structure for the future while investing for growth in our specialty business.

from our foundation of operating excellence we continue to optimize our cost structure for the future while investing for growth in our specialty business


We have to get a lot of learning down about validating or verifying identity and some of these income

we have to get a lot of learning done about validating or verifying identity and some of these income


in the 10-K, but it looks like it moderates in '18 versus '17. I'm just wondering if there's any other kind of moving parts that you can make us aware of

in the 10-k it looks like it moderates in '18 versus '17 i'm just wondering if there's any other kind of moving parts that you can make us aware of


like that's the appropriate place for us to be. And of course, we're always contemplating whether we need to do more in the way of cuts.

like that's the appropriate place for us to be and we're -- of course we're always contemplating whether we need to do more in the way of cuts


hopefully that will be published some point in time over the coming month. But I don't have any clarity at this moment.

hopefully that will be published some point in time over the coming months but i don't have any clarity at this moment


That's exactly correct, Chris. And when you look at, I mean, we're very pleased with the legislation obviously that provided a nice benefit to us from a

that's exactly correct chris and when you look at -- i mean we're very pleased with the legislation obviously that provided a nice benefit to us from a


For more information, please refer to the risk factors discussed in the documents we file from time to time with the SEC, including our most recently

for more information please refer to the risk factors discussed in the documents we file from time to time with the sec including our most recently


in the second half, and very little in terms of operating profit in the second half.

in the second half and very little in terms of operating profit in the second half


Also, as we are in both the cinema and real estate businesses, we must naturally balance our capital commitments between these 2 sectors

also as we are in both the cinema and real estate businesses we must naturally balance our capital commitments between these 2 sectors


the recognition of the name and the recognition that we're doing something special in that market has taken hold.

that the recognition of the name and the recognition that we're doing something special in that market has taken hold


will play a big role in determining how quickly it is excess supply is able to be worked off when the market does recover.

will play a big role in determining how quickly this excess supply is able to be worked off when the market does recover


These statements represent our predictions and expectations as to future events, but numerous risks and uncertainties could cause actual results to differ from those projected.

these statements represent our predictions and expectations as to future events but numerous risk and uncertainties could cause actual results to differ from those projected


While the commercial markets may be slow in August, we will be working in August and working hard to build additional shareholder value and

while the commercial markets are maybe slow in august we will be working in august and working hard to build additional shareholder value and


So another way to say that is that we will not be in a position to meet the full demand that we've identified

so another way to say that is that we will not be in a position to meet the full demand that we've identified


However, activations improved during the quarter at a healthy rate on a sequential basis as a result of the effectiveness of our sales, marketing and promotional programs.

however activations improved during the quarter at a healthy rate on a sequential basis as a result of the effectiveness of our sales marketing and promotional programs


Our teams did an excellent job of flexing harvest plans so that we could maintain production and capitalize on pricing, which improved throughout the quarter.

our teams did an excellent job of flexing harvest plans so that we could maintain production and capitalize on pricing which improved throughout the quarter


You also talked about some of the other -- the plans for improved initiative in the last call. Can you give us a sense, in this particular quarter, what changes were made specifically, if any?

you also talked about some of the -- the plans for improved initiatives in the last call can you give us a sense in this particular quarter what changes were made specifically if any


Our marketing focus has evolved significantly, with each brand supported by a purpose-driven platform which is driving recruitment.

our marketing focus has evolved significantly with each brand supported by a purpose-driven platform which is driving recruitment


clarity to our users about who we are and who we are not. We are a home and living player, so we want to extend within the home universe.

clarity to our users about who we are and who we are not we are a home home and living player so we want to extend within the home universe


I'd note that our preventive maintenance programs are designed to improve the overall life of the equipment on our ships and thereby shorten our time and cost in dry dock.

i'd note that our preventive maintenance programs are designed to improve the overall life of the equipment on our ships and thereby shorten our time and cost in tri-doc


The majority of these funds were allocated towards exterior work and food and beverage enhancements at our Duane Street Hotel and the St. Gregory Hotel,

the majority of these funds were allocated towards exterior work and food and beverage enhancements at our duane street hotel and the st gregory hotel


one of our fundamental strengths as the WH Group has to be the arbitrage of meat around the world. We have to find the best market for that.

one of our fundamental strengths as a wh group has to be the arbitrage of meat around the world we have to find the best market for that


financial line item with the operating -- measuring operational capacity and making sure we'd make investments that we believe can earn an attractive return. So

financial line item with the -- measuring operational capacity and making sure we make investments that we believe can earn an attractive return so


And the second question is related to the graphics. And we saw an acceleration of the decline in the second quarter

and the second question is related to the graphics and we saw an acceleration of the decline in the second quarter


Depending on the application, these devices are required to maintain their performance specifications for up to 25 years.

depending on the application these devices are required to maintain their performance specifications for up to 25 years


ample opportunity to show you examples during this call. The changes we've been implementing are fundamental in a number of ways.

ample opportunity to show you examples during this call the changes we've been implementing are fundamental in a number of ways


We were also reworking a small selection of stores to ensure that they reflect the go-forward DNA of the brand and serve as a road map for all locations.

we are also reworking a small selection of stores to ensure that they reflect the go-forward dna of the brand and serve as a road map for all locations


Our second quarter includes 31 days of Pinnacle's results. We remain excited about the opportunities presented by the combined portfolio.

our second quarter includes 31 days of pinnacle's results we remain excited about the opportunities presented by the combined portfolio


whilst taking into consideration the need to fund growth that is underwritten by customers and that delivers new revenues to the business over the long term.


and its effect on capacity as well as consumer spending could affect whether we are on the high or lower end of that range.


In fact, our efforts to reinvent our supply chain and deploy advantage manufacturing lines of the future continued to drive margin benefits,

in fact our efforts to reinvent our supply chain and deploy advantaged manufacturing lines of the future continue to drive margin benefits


and I was hoping you'd provide some color about the pricing environment in the second half of the year and kind of how much confidence your customers

and i was hoping you provide some color about the pricing environment in the second half of the year and kind of how much confidence your customers


but mark -- the market moves up and down all the time. And that's actually the hallmark of being a value investor, and I think it's one of the things that sets us apart.

but mark the market moves up and down all the time and that's actually the hallmark of being a value investor and i think it's one of the things that sets us apart


Our near-term vision is to continue to do what we have always done by continuing to build and operate great infrastructure in the best basins in the country.

our near-term vision is to continue to do what we have always done by continuing to build and operate great infrastructure in the best basins in the country


on lumber and then the kind of cost allocation process that takes place as you incur essentially higher


and how it can reduce the planning, deployment and operational complexity of microwave links, saving customers time and lowering their costs.

and how it can reduce the planning deployment and operational complexity of microwave links saving customers time and lowering their costs


to improve our inventory management and even how we manage receivables and payables, fairly fundamental aspects of a business. So a

improve our inventory management and even how we manage receivables and payables fairly fundamental aspects of a business so


We're seeing receptiveness on their side to contribute to those investments. So it has come up in our negotiations, but we're proactively doing it because we want to make sure,

we're seeing receptiveness on their side to contribute to those investments so it has come up in our negotiations but we're proactively doing it because we want to make sure


We expect to close a transaction for a major part of the business by the end of the year. I'll now turn the call over to Stephanie to cover the financials in more detail.

we expect to close a transaction for a major part of the business by the end of the year i'll now turn the call over to stephanie to cover the financials in more detail


We have work in the West Coast, in California and also in Washington State.

we have worked in the west coast in california and also in washington state


Thank you, dear ladies and gentlemen. Good afternoon as well as good evening to Asia, and good morning to the Americas.

thank you dear ladies and gentlemen good afternoon as well as good evening to asia and good morning to the americas


We are very happy. Depending on the particular pieces of technology, we would see ourselves to be at the leading edge

we are very happy depending on the particular pieces of technology we would see ourselves to be at the leading edge


Institutional outsourced CIOs or Chief Investment Officers are acting on behalf of an institution on a discretionary basis.

institutional outsourced cios or chief investment officers are acting on behalf of an institution on a discretionary basis


along with an existing reference plant design rather than proceeding automatically with the client's standards and specifications as we would have historically.


could you just walk through what happens if you don't get the sale closed by the end of the year? How do you manage that process?

can you just walk through what happens if you don't get the sale closed by the end of the year how do you manage that process


Not only does this allow us to serve more advertisers, it also helps us become a one-stop shop for those that continue to invest in our platform.

not only does this allow us to serve more advertisers it also helps us become a one-stop shop for those that continue to invest in our platform


and this is where we can add most of the value with meaningful development because we have great people, great team and the partners see that.

and this is where we can add most of the value with meaningful development because we have great people great team and the partners see that


including negative interest rates, confounded forecasters. While it's impossible to know what the future will bring in any of these regards,

including negative interest rates confounded forecasters while it's impossible to know what the future will bring in any of these regards


constant over time? Or is that something that trends in one direction or another? Yes. I think it generally is on average 60% over time.

constant over time or is that something that trends in one direction or another yes i think it generally is on average 60% over time


Our business model of focusing on smaller orders that require quick turnaround along with providing high levels of value-added processing

our business model is focusing on smaller orders that require quick turnaround along with providing high levels of value-added processing


during the second quarter of this year. So as you can see, we have a busy execution year ahead of us with numerous pruritus trials already ongoing

during the second quarter of this year so as you can see we have a busy execution year ahead of us with numerous paratis trials already ongoing


going to mitigate a lot of the pressure that we had in the first quarter and the second. Not fully. So it will improve first quarter to second quarter. With the idea with all of the actions in place,

mitigate a lot of the pressure that we had in the first quarter and the second not fully so it will improve first quarter to second quarter with the idea with all of the actions in place


The sustained rebound in oil prices is helping to ease budget constraints. It even released some large infrastructure projects.

the sustained rebound in oil prices is helping to ease budget constraints and even release some large infrastructure projects


a reduction from the 8-year period we're currently in for RIIO-1. While we certainly prefer the stability and benefits to customers

a reduction from the 8-year period we are currently in for rio1 while we certainly prefer the stability and benefits to customers


Our goal is to revolutionize the way mastitis is treated by making earlier treatment of subclinical infections economically feasible

our goal is to revolutionize the way mastitis is treated by making earlier treatment of subclinical infections economically feasible


We have a safe and strong team in place, committed to our vision to make the world safer and secure the places where people thrive.

we have a safe and strong team in place committed to our vision to make the world safer and secure the places where people thrive


the inadequacy of the current standard of care. People simply cannot stay on standard of care chronically because it's too toxic, frankly,

the inadequacy of the current standard of care people simply cannot stay on standard of care chronically because it's too toxic frankly


In addition to operational excellence, we also are focusing on continually improving our capital structure,

in addition to operational excellence we also are focusing on continually improving our capital structure


However, in 2019, we anticipate repurchasing enough stock to satisfy our commitment to reduce our share count each year.

however in 2019 we anticipate repurchasing enough stock to satisfy our commitment to reduce our share count each year


we closed the acquisitions of Pavilion and Summit in the fourth quarter. These transactions add to our capabilities and scale in investments.

we closed the acquisitions of pavilion and summit in the fourth quarter these transactions add to our capabilities and scale in investments


issues that the owners are feeling that are going to continue to take some time. So yes, we are seeing some people leave jobs and get moved to other jobs

issues that the owners are feeling that are going to continue to take some time so yes we are seeing some people leave jobs and get moved to other jobs


These achievements speak to our commitment and dedication to protecting our employees, our customers, the environment and the communities in which we operate.

these achievements speak to our commitment and dedication to protecting our employees our customers the environment and the communities in which we operate


a significant part of it is related to the margin improvement in operations. So it's increasingly more apparent

a significant part of that is related to the margin improvement in operations so it's increasingly more apparent


the opportunities. But I do believe that the emerging markets will provide growth going forward and remain an important opportunity for us as we move forward.

the opportunities but i do believe that the emerging markets will provide growth going forward and remain an important opportunity for us as we move forward


Yes. If there are no further questions, I would like to close this session. Thank you very much for your contribution.

yes if there are no further questions i would like to close this session thank you very much for your contribution


and with a clear vision and strategy to serve and educate our students and provide them with the necessary support and tools as they work towards graduation.


construction financing, which points to a tapering at some point in the near term. As I commented, we felt that the

construction financing which points to a tapering at some point in the near term as i commented we felt that the


Our new data fabric will conceptually be one repository as opposed to the many silo-ed databases that we have today.

our new data fabric will conceptually be one repository as opposed to the many siloed databases that we have today


Thank you, Michael. As both Michael Collins and Michael Schrum highlighted, Butterfield continues to generate strong profits and deliver on our promises to shareholders.

thank you michael as both michael collins and michael scrum highlighted butterfield continues to generate strong profits and deliver on our promises to shareholders


we expect that demand recovery in the fourth quarter will be subject to severe conditions as well, so we have revised our forecast.

we expect that demand recovery in the fourth quarter will be subject to severe conditions as well so we have revised our forecast


especially the growth in the equity markets over the last 3 months has really helped them to fuel our growth.


from discontinued operations impact and as well the higher number of shares through the capital increase end of last year.


Those of you who have been on these calls for some time will note that many new names are populating the sales list, and we believe this to be a positive development.

those of you who have been on these calls for some time will note that many new names are populating the sales list and we believe this to be a positive development


Investment performance across the complex continue to gradually improve, including a notable improvement in several of our largest retail products.

investment performance across the complex continued to gradually improve including a notable improvement in several of our largest retail products


we have in the recent past pruned expenses in a couple of cases reasonably aggressively on products where we think we have a real opportunity


The purpose of this call is to provide investors with some further details regarding the company's financial results as well as to provide a general update on the company's progress.

the purpose of this call is to provide investors with some further details regarding the company's financial results as well as to provide a general update on the company's progress


Building on this very encouraging start to 2018 and to create the kind of future impact we want Weight Watchers to have,

building on this very encouraging start to 2018 and to create the kind of future impact we want weight watchers to have


And we'll create new ways for those who haven't tried Weight Watchers to experience our community. WW Cruise is a great example.

and we'll create new ways for those who haven't tried weight watchers to experience our community ww cruise is a great example


party that's going to actually do the acquisition sourcing, so line up the transactions then they're going to manage the portfolio.

party that's going to actually do the acquisition sourcing so line up the transactions and then they're going to manage the portfolio


whereas the performance earnings is more volatile. But at the same time, the uses of that capital or retained earnings would also be more volatile.

whereas the performance earnings is more volatile but at the same time the uses of that capital or retained earnings would also be more volatile


And lastly, there's been a notable uptick in the number of large investors that are looking to develop significant strategic mandates across our platform.

and lastly there's been a notable uptick in the number of large investors that are looking to develop significant strategic mandates across our platform


So bottom line is we did cut back in both of those entities, not as much as we did in the gas panel part

so bottom line is we did cut back in both of those entities not as much as we did in the gas panel part


are supporting operations and allowing people to reach out further, go further to get fiber supply and pay more. And we're seeing that in some of the extreme bidding behavior

are supporting operations and allowing people to reach out further go further to get fiber supply and pay more and we're seeing that in some of the extreme bidding behavior


As I said, this is fully screened and the whole timing of that trial is according to planning.

as i said this is fully screened and the whole timing of that trial is according to planning


Well, I think that the -- our experience in developing the G1 was that it took a very significant amount of investment

well i think that the -- our experience in developing the g1 was that it took a very significant amount of investment


As I mentioned, it's important to take into consideration various product trends we saw in our key end markets when looking at the total revenue line.

as i mentioned it's important to take into consideration various product trends we saw in our key end markets when looking at the total revenue line


really understand the pulse of local markets. This is different from China. In China,

really understand the pulse of local markets this is different from china in china


or office facility who is in need of certain intercom systems and is looking for a certain functionality which can be found in that particular new release,

office facility who is in need of certain intercom systems and is looking for certain functionality which can be found in that particular new release


inside of the 4 businesses that we're already in. And so I'm not trying to hedge it but I think it's just -- it's a pacing question. It's how fast

inside of the 4 businesses that we're already in and so i'm not trying to hedge it but i think it's just -- it's a pacing question it's how fast


Although this does not represent a run rate for the business, it is an important indication that our ongoing focus on cost savings and efficiencies is getting traction.

although this does not represent a run rate for the business it is an important indication that our ongoing focus on cost savings and efficiencies is getting traction


Well, the outlook is favorable, as I said. And we also said that the opinion from our

well the outlook is favorable as i said and we also said that the opinion from our


where you have, where people have received their bonuses from their prior firm and are -- so we know who's really looking and what's available and if it fits.

where you have where people have received their bonuses from their prior firm and are -- so we know who's really looking and what's available and if it fits


and the other 3 reporting segments each posting about 10% organic growth. In short, all reporting segments in all major geographies continued to perform.

and the other three reporting segments each posting about 10% organic growth in short all reporting segments and all major geographies continued to perform


This quarter, we launched the first flavor expansion of our top-selling personalized protein powder in a flavor called mixed fruit in Mexico.

this quarter we launched the first flavor expansion of our top-selling personalized protein powder in a flavor called mix fruit in mexico


which are implemented for the customers already in Q4, and which we will work further to the market in

which are implemented for the customers already in q4 and which we will work further with to the market in


the synergy realization related to the Lorillard transaction and the company's continued focus on operating efficiencies and productivity improvement.

the synergy realization related to the lorillard transaction and the company's continued focus on operating efficiencies and productivity improvement


As a reminder, we have no CRE construction loans in Houston and only 92 in total CRE land and construction in the entire portfolio,

as a reminder we have no cre construction loans in houston and only 92 in total cre landing construction in the entire portfolio


that we knew was coming in markets like Grand Forks and Bismarck, but we thought we could outrun it. We're getting caught near term in a little bit of that supply pressure.

that we knew was coming in markets like grand forks and bismarck but we thought we could outrun it we're getting caught near term in a little bit of that supply pressure


From a capital perspective, yes, it did have some constraints on capital, but we were still so far above those limits that that's not what was

from a capital perspective yes it did have some constraints on capital but we were still so far above those limits that that's not what was


We are particularly pleased with these results because they came in a market environment which, early in the quarter, was anxious and unsettled.

we are particularly pleased with these results because they came in a market environment which early in the quarter was anxious and unsettled


We are designing further improvements to our direct patterning equipment that will provide, will improve production yields and

we are designing further improvements to our direct patterning equipment that will provide -- will improve production yields and expand


We've been working closely together for decades, and we expect that relationship to help with the seamless transition and integration.

we've been working closely together for decades and we expect that relationship to help with the seamless transition and integration


position it in a very important segment of the cat population and show what we hope is a good outcome. There is a published pilot study in cats,

position it in a very important segment of the cat population and show what we hope is a good outcome there is a published pilot study in cats


We believe our continued ability to generate these incremental earnings from strong investment performance further distinguishes us from other BDCs in the marketplace.

we believe our continued ability to generate these incremental earnings from strong investment performance further distinguishes us from other bdcs in the marketplace


the logical conclusion would be to go higher in the capital structure. But maybe it's a cause and effect, where everyone's going higher in the capital structure, and that's what's screwing everything up. I just wondered if you could,

the logical conclusion would be to go higher in the capital structure but maybe it's a cause and effect where everyone is going higher in the capital structure and that's what's screwing everything up i just wondered if you could


while maintaining the integrity of our loan structures and documentations through our investment process. This is not our first time managing through these types of markets.

while maintaining the integrity of our loan structures and documentations through our investment process this is not our first time managing through these types of markets


and finally, support for additional clinical and economic validation by global region. I'll now turn the call over to Marshall, who will review financial highlights.

and finally support for additional clinical and economic validation by global region i'll now turn the call over to marshall who will review financial highlights


And it's also visible -- beginning to be visible in some areas, so as the last couple of months, as I'm sure you're aware, we've had a minor turn in the value growth,

and it's also visible -- beginning to be visible in some areas so as the last couple of months as i'm sure you're aware we've had a minor turn in the value growth


more than half of customer care interactions and 26% of commercial transactions were done through digital channels, together with

more than half of customer care interactions and 26% of commercial transactions were done through digital channels together with


In terms of the merger, this past quarter we achieved several significant milestones. Most importantly, as we announced last month,

in terms of the merger this past quarter we achieved several significant milestones most importantly as we announced last month


if the market is good enough, you could pretty much run it all the time on Siding, which I know that's not realistic day 1, but that's physically possible, right?

if the market is good enough you could pretty much run it all the time on siding which i know that's not realistic day 1 but that's physically possible right


In addition, our Tahoe resort benefited from dramatically better conditions throughout the ski season and achieved record revenue levels in all key business lines.

in addition our tahoe resorts benefited from dramatically better conditions throughout the ski season and achieved record revenue levels in all key business lines


At EagleBank, we are more focused on growth in earnings and earnings per share than in size or growth rate of our balance sheet.

at eagle bank we are more focused on growth in earnings and earnings per share than in size or growth rate of our balance sheet


In terms of -- and I also think that the sense is that by the 3 major players continuing

in terms of -- and i also think that the sense is that by the 3 major players continuing


the fundamental thing is you can get a lot more data on your wells, if you're willing to spend the money to get the data, and that will inform you a lot about the completion design.

the fundamental thing is you can get a lot more data on your wells if you're willing to spend the money to get the data and that will inform you a lot about the completion design


Our innovation agenda in each of food and beverage, digital and store design is being informed by each of these trends,

our innovation agenda in each of food and beverage digital and store design is being informed by each of these trends


as we invest in the customer acquisition. It should be noted that this ratio is calculated only including current product at current price level.

as we invest in the customer acquisition it should be noted that this ratio is calculated only including current product at current price levels


Moving to profitability. On an adjusted basis, we sustained our EBITDA and EBITDA margin compared with last year.

moving to profitability on an adjusted basis we sustained our ebitda and ebitda margin compared with last year


Our strategies have continued to work. We believe that our focus on delivering high-quality care and service, growth,

our strategies have continued to work we believe that our focus on delivering high-quality care and service growth


We do believe that, that's a direct function, particularly in the rosin chain of overcapacity in the hydrocarbon space which we've talked about at great length.

we do believe that that's a direct function particularly in the rosin chain of overcapacity in the hydrocarbon space which we talked about at great length


we've seen that again here for the first 6 months of -- with California. I mean, you could pretty much say minimum wage went into effect at this point in time,

we've seen that again here for the first 6 months of -- with california i mean you could pretty much say minimum wage went into effect at this point in time


based on our ability to consistently deliver innovations and transform our business to deliver the best experiences for our members and affiliates.


The company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this conference call.

the company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this conference call


We closed the acquisition of Great Northern Midstream in January and expect to offer it to TLLP for acquisition in the second half of this year.

we closed the acquisition of great northern midstream in january and expect to offer it to tllp for acquisition in the second half of this year


that the second quarter stand-alone is a quarter of net investments in working capital as a result of the seasonality of the businesses, especially

that the second quarter standalone is a quarter of net investment in working capital as a result of the seasonality of the businesses especially


the applications in market segments that were truly what we would define as being glass coating-related.

the applications and market segments that were truly what we would define as being glass coating related


to show that we're starting to differentiate ourselves from the other producers. You have producers -- most of our competitors, as you know, are privately held

to show that we're starting to differentiate ourselves from the other producers you have producers most of our competitors as you know are privately held


some offers that we see that we're never sure if they are temporary or permanent. But overall, we had seen some

some offers that we see that we're never sure if they are temporary or permanent but overall we had seen some


At the same time, a growing number of our existing Mobility customers are bundling their wireless with our video and our broadband services.

at the same time a growing number of our existing mobility customers are bundling their wireless with our video and our broadband services


As I always do during the month of December, I had a chance to visit 4 different countries on a trip that I plan every year with senior members of our buying and operations team.

as i always do during the month of december i had a chance to visit 4 different countries on a trip that i plan every year with senior members of our buying and operations team


I'm very encouraged by the progress that we've made. And what I would emphasize along those lines is

i'm very encouraged by the progress that we've made and what i would emphasize along those lines is


We are on track to turn positive from an adjusted EBITDA standpoint as well as free cash flow standpoint in the second half of the year

we are on track to turn positive from an adjusted ebitda standpoint as well as free cash flow standpoint in the second half of the year


and we'll keep our eye on it and the team will be calling management every couple of quarters until it feels like perhaps they've hit some of the more critical milestones. And so

and we'll keep our eye on it the team will be calling management every couple of quarters until it feels like perhaps they've hit some of the more critical milestones and so


In addition to being lower cost, these products strengthen multiproduct relationships by supplying clients with the tools they need to manage their finances.

in addition to being lower cost these products strengthen multiproduct relationships by supplying clients with the tools they need to manage their finances


the balance of factors we consider in the outlook for net interest margin supports our expectation for incremental improvement in this key metric over the near term.


And you've got -- you're lapping an extra week in your fiscal fourth quarter. With the Jennie-O reductions that you have outlined

and you've got -- you're lapping an extra week in your fiscal fourth quarter with the jennie-o reductions that you have outlined


Total take rate in Q4 was flat sequentially and down 20 basis points from the prior year, primarily as a result of the receivable sale.

total take rate in q4 was flat sequentially and down 20 basis points from the prior year primarily as a result of the receivable sale


of ordering these vessels when the yards are on their knees, because other shipping segments are really struggling and have been doing so for a number of years.

of ordering these vessels when the yards are on their knees because other shipping segments are really struggling and have been doing so for a number of years


And that exchange had about a 30 basis point impact. And obviously, exchange rates are going to move around so it's difficult to call how that is in the future. So if you back those out,

and then exchange had about a 30 basis point impact and obviously exchange rates are going to move around so it's difficult to call how that is in the future so if you back those out


Please note that statements made in this conference call and in the accompanying presentation materials regarding American Public Education or its subsidiaries

please note that statements made in this conference call and in the accompanying presentation materials regarding american public education or its subsidiaries


We had many discrete items that significantly impacted and reduced our income tax rate during the quarter, including a lower taxable gain on disposition,

we had many discrete items that significantly impacted and reduced our income tax rate during the quarter including a lower taxable gain on disposition


Gordon did mention taxes. Really, what that's all about is the timing of deductions and refunds versus payments.

gordon didn't mention taxes really what that's all about is the timing of deductions and refunds versus payments


This project will connect the Viking Gas Transmission Company pipeline near Felton, Minnesota to our existing pipeline near Mapleton, North Dakota,

this project will connect the viking gas transmission company pipeline near felton minnesota to our existing pipeline near mapleton north dakota


that certainly gives us some confidence. But it's also supplemented by the broader data points that we see outside, right, you see some competitors of ours

that certainly gives us some confidence but it's also supplemented by the broader data points that we see outside right you see some competitors of ours


Our lodging results for the first -- for the fiscal quarter were also very encouraging, with both occupancy and rate increases compared to the prior year.

our lodging results for the first -- for the fiscal quarter were also very encouraging with both occupancy and rate increases compared to the prior year


And finally, we are proactively reducing specialty project activity within Industrial's heavy lifting business to improve long-term profitability.

and finally we are proactively reducing specialty project activity within industrial's heavy lifting business to improve long-term profitability


for the kind of projects you're pursuing for the short-cycle time? And is it something that you feel you'll be able to manage effectively?

for the kind of projects you're pursuing for the short cycle time and is it something that you feel you'll be able to manage effectively


and reported growth also reflects a negative translation impact of 2%, coming from changes in foreign currency exchange rates.

and reported growth also reflects a negative translation impact of 2% coming from changes in foreign currency exchange rates


Foreign exchange remains front of mind. And on Page 13, we pulled together some numbers to help you understand our current pro forma FX exposures,

foreign exchange remains front of mind and on page 13 we pulled together some numbers to help you understand our current pro forma fx exposures


Our innovations are going faster to market, and we have steadily increased the level of reinvestment of savings behind our brands.

our innovations are going faster to market and we have steadily increased the level of reinvestment of savings behind our brands


As a result, we came into 2015 with a solid financial position and clear priorities underscored by cost and capital discipline.

as a result we came into 2015 with a solid financial position and clear priorities underscored by cost and capital discipline


I think the impact will be seen from the weakening of our competitor will probably outweigh the impact we see on the weakening of the market,

i think the impact we'll be seeing from the weakening of our competitor will probably outweigh the impact we see on the weakening of the market


and utilize some of our experiences from Papua New Guinea into Alaska to work with the communities on some of their social issues.

and utilize some of our experiences from papuni getting into alaska to work with the communities on some of their social issues


on the Cano Limon and Bicentenario pipelines will help normalize the margins for Frontera to be in line with those of our peers

on the canyon leon and bicentenario pipelines will help normalize the margins for frontera to be in line with those of our peers


what I said makes sense for the next 2 years. And along the same line, I understand that you want to maintain more stable margins, but

what i said makes sense for the next 2 years and along the same line i understand that you want to maintain more stable margins but


some real weakness that we experienced in the first half of the year, so some uncertainty in the second half and that's really those factors combined to us reducing

some real weakness that we experienced in the first half of the year so some uncertainty in the second half and that's really those factors combined to us reducing


Given that our business is cyclical, we believe it is appropriate to leave a larger portion of our debt floating as rates generally tend to follow a cyclical trend. So

given that our business is cyclical we believe it is appropriate to leave a larger portion of our debt floating as rates generally tend to follow a cyclical trend


Secondly, the employment numbers are getting better. Wages are improving, housing data points are improving, and all 4 of these positive data points

secondly the employment numbers are getting better wages are improving housing data points are improving and all 4 of these positive data points


Acquisitions provide a variable income stream, supplementing the stable spread from our lending business, with sometimes outsized returns as occurred this quarter.

acquisitions provides a variable income stream supplementing the stable spread from our lending business with sometimes outsized returns as occurred this quarter


it would be appropriate for Compugen to have a new chairperson on board to guide the next chapter of our corporate growth.

it would be appropriate for compugen to have a new chairperson on board to guide the next chapter of our corporate growth


healthy economy, especially with foreigners coming back into the gateway cities, hotels are doing much better now than they were doing before.

healthy economy especially with foreigners coming back into the gateway cities hotels are doing much better now than they were doing before


So I'll finish up. Hitting a bit on the targets and ambitions we have over the medium-term. So

so i'll finish up hitting a bit on the targets and ambitions we have over the medium term so


However, that does not that mean that we do not see the opportunity for inorganic growth, we do, which is one of the reasons we have maintained a strong balance sheet.

however that does not mean that we do not see the opportunity for inorganic growth we do which is one of the reasons we have maintained a strong balance sheet


We're pleased with the way our bonds traded during the last episode of market volatility and remain focused on making progress towards achieving investment-grade credit ratings.

we're pleased with the way our bonds traded during the last episode of market volatility and remain focused on making progress towards achieving investment-grade credit ratings


This summer season has been one of tragedy and great loss for a number of citizens of British Columbia. And Horizon North has been providing support in communities where we're active.

this summer season has been one of tragedy and great loss for a number of citizens of british columbia and horizon north has been providing support in communities where we are active


we now have a balance sheet that gives us the capacity for acquisition and to take advantage of opportunities as they arise in the marketplace.


But I think the BioFlo story is strong, and the data is there. And I think customers get it. It is a harder environment to ask for a premium product when you're asking someone to take the price up.

but i think the bioflow story is strong and the data is there and i think customers get it it is a harder environment to ask for a premium product when you're asking someone to take the price up


Well, first off, the general innovation footprint that we have always has us looking at modern and innovation

well first off the general innovation footprint that we have always has us looking at modern and innovation


too far out of balance and we're achieving our profitability goals. Now as we just discussed,

too far out of balance and we're achieving our profitability goals now as we just discussed


Our current guidance includes expenses related to certain projects that were originally scheduled for the second quarter that have been deferred to later in the year.

our current guidance includes expenses related to certain projects that were originally scheduled for the second quarter that have been deferred to later in the year


These hunters are beginning to hit their stride, and we are seeing a robust new account funnel that continues to build each month.

these hunters are beginning to hit their stride and we are seeing a robust new account funnel that continues to build each month


including significant rain throughout California and cold and wintry weather with snow and ice in areas such as the Pacific Northwest,

including significant rain throughout california and cold and wintry weather with snow and ice in areas such as the pacific northwest


We are told that Gray was selected to join this first-ever dinner of its kind at the White House because of our company's commitment to local news.

we are told that gray was selected to join this first-ever dinner of its kind at the white house because of our company's commitment to local news


a bunch of deals that repriced on January 1, we have -- we don't believe in set deadlines, and we will continue to grant extensions if we think the conversations are going in the right way

a bunch of deals that reprice on january 1 we have -- we don't believe in set deadlines and we will continue to grant extensions if we think the conversations are going in the right way


can you guys tell me what 2017 adjusted EBITDA was on a pro forma basis had you had those acquisitions in there since the beginning of the year?

can you guys tell me what 2017 adjusted ebitda was on a pro forma basis had you had those acquisitions in there since the beginning of the year


we had inherited and didn't really match up with the way that you've heard Jim and I and Brian and Mark talk about the business over time. If you think back to Investor Day last year,

that we had inherited and didn't really match up with the way that you've heard jim and i and brian and mark talk about the business over time if you think back to investor day last year


still with a tug-of-war happening between the different regions of the world. So this month will be decisive.

still with a tag of war happening between the different regions of the world so this month will be decisive


rather than the old system, where they had to retake the whole exam. And so we're seeing the positive side of that and then a retake process is a little easier than it used to be.

rather than the old system where they had to retake the whole exam and so we're seeing the positive side of that in that a retake process is a little easier than it used to be


for the macro backdrop. I think that the reality of what is happening is that there is an even

for the macro backdrop i think that the reality of what is happening is that there is an even


To that end, we've identified a number of initiatives to improve customer engagement, including raising brand awareness and refining our technology.

to that end we've identified a number of initiatives to improve customer engagement including raising brand awareness and refining our technology


And on our annualized run rate, we need to get this Technology sales process finished, our debt paid down. And then I think very fortunately,

and on our annualized run rate we need to get this technology sales process finished our debt paid down and then i think very fortunately


margin improvement because it reduces the number of people we need to service x number of clients. And so it's really a productivity enhancement

margin improvement because it reduces the number of people we need to service x number of clients and so it's really a productivity enhancement


So you can think of it as an opportunity to improve our operating leverage. There'll be some incremental bottom line impact in the short term.

so you can think of it as an opportunity to improve our operating leverage there'll be some incremental bottom line impact in the short term


whether as a result of new information, future events or otherwise. Except as required by law, we expressly disclaim any obligation

whether as a result of new information future events or otherwise except as required by law we expressly disclaim any obligation